• Contact Us
  • About Us
Monday, May 19, 2025
  • Login
MetroBusinessNews
  • Home
  • Economy
  • Politics
  • News
  • Companies and Markets
  • Energy
  • Sports
  • Real Estate
No Result
View All Result
  • Home
  • Economy
  • Politics
  • News
  • Companies and Markets
  • Energy
  • Sports
  • Real Estate
No Result
View All Result
MetroBusinessNews
No Result
View All Result
ADVERTISEMENT
Home Economy

Naira falls to nearly 500 per dollar on unapproved open market-traders

metro by metro
January 13, 2017
in Economy
0
Naira
0
SHARES
0
VIEWS

The Nigerian naira fell close to 500 against the dollar on the unapproved open retail market due to dollar shortages on Friday as retail currency operators set their quotes for dollar purchases at 399 for next week, traders said.

 Bureau de change operators said the central bank had approved 399 naira for retail trades next week, their association said in an internal memo seen by Reuters.

The government has been pressing retail operators to narrow what it says is a damaging gulf between the naira’s official rate – currently at 305 to the dollar – and the unapproved open retail market – which hit 497 on Friday.

Read Also

DMO Allots Over N4.28b In FGN Savings Bonds For May 2025

FG, States, LGs Share N1.681trn April, 2025 Revenue

Nigeria’s Inflation Drops To 23.7% As Prices Of  Staples, Other Food Items Reduce

Traders said FX bureaus were yet to receive dollars from international money transfer agents this year worsening forex liquidity on the market.

However, money markets were awash with naira liquidity on Friday pushing overnight lending rates 2.5 percentage point down to 7 percent.

Aminu Gwadabe, president of the Bureau de Change association told Reuters, he expected dollar supplies to resume next week.

On Tuesday the operators set their first ever reference exchange rate for the naira at 399 per dollar, to try to improve liquidity and help rebuild investors’ confidence ahead of a meeting with the central bank.

Central Bank Governor Godwin Emefiele told retail operators in a meeting on Thursday that he was looking at ways to boost liquidity to eliminate the spread at the parallel market and would not devalue the naira again.

The naira lost a third of its official value against the greenback in 2016 after the bank scrapped a currency peg in a bid to alleviate dollar shortages. On the unapproved open market, the naira is worth about 40 percent less than the official rate.

Retail currency operators account for less than 5 percent of total foreign currency trading in Nigeria. But with liquidity poor on the official market due to low oil revenues and the central bank left as the main dollar supplier, the bureau de changes have done more business.

 

Tags: Naira
Previous Post

Many feared dead in multiple Adamawa explosions

Next Post

Heritage Bank moves to deepen support to agric value chain

Related Posts

Debt Management Office
Economy

DMO Allots Over N4.28b In FGN Savings Bonds For May 2025

May 17, 2025
FG, States, LGs Share N954bn FAAC In July, Highest Monthly Allocation Under Buhari Administration
Economy

FG, States, LGs Share N1.681trn April, 2025 Revenue

May 16, 2025
National Bureau
Economy

Nigeria’s Inflation Drops To 23.7% As Prices Of  Staples, Other Food Items Reduce

May 15, 2025
UK Economy Grows Above Forecasts, Tariffs Threaten Progress 
Economy

UK Economy Grows Above Forecasts, Tariffs Threaten Progress 

May 15, 2025
Next Post
NIRSAL partners Moroccan  Credit Agricole to support Nigerian farmers

Heritage Bank moves to deepen support to agric value chain

Government Should Do What The Private Sector Can Not Do- 2

May 18, 2025
Omotoso, Nigerian Televangelist Deported From South Africa Amid  Controversy Over Rape Trial Acquittal

Omotoso, Nigerian Televangelist Deported From South Africa Amid  Controversy Over Rape Trial Acquittal

May 18, 2025
FA Cup Final: Crystal Palace Edge Man City To Win First Major Title

FA Cup Final: Crystal Palace Edge Man City To Win First Major Title

May 17, 2025
MetroBusinessNews

© 2022 Metro Business News

Navigate Site

  • Contact Us
  • About Us

Follow Us

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
No Result
View All Result
  • Home
  • Economy
  • Politics
  • News
  • Companies and Markets
  • Energy
  • Sports
  • Real Estate

© 2022 Metro Business News

Go to mobile version